UAE Introduces 5-Year Residency Visa for Retired Residents
The UAE has announced new 5-year residency visa regulations aimed at expatriates aged 55 and above. The initiative seeks to provide greater flexibility and attract retirees who wish to settle in the country.
Eligibility Criteria for the 5-Year Visa
To qualify for the visa, applicants must meet specific requirements:
- Work Experience: At least 15 years of work experience, inside or outside the UAE.
- Financial Conditions: Applicants must meet one of the following:
- Own property worth Dh1 million.
- Hold savings of Dh1 million.
- Earn a monthly income of Dh20,000 (or Dh15,000 in Dubai).
- Bank Statement: A six-month bank statement is required to verify financial status.
Application Process for the Residency Visa
The Federal Authority for Identity, Citizenship, Customs, and Port Security (ICP) has outlined a streamlined process for applying:
- Log in via UAE Pass on the ICP website or smart application.
- Select residency and ID services.
- Update data and pay the required fees.
- Receive the residency card through approved delivery services.
Special Regulations for Retirees in Dubai
In addition to the federal program, Dubai offers a specific residency program for retirees. Applicants, along with their spouses and dependents, must be at least 55 years old and meet one of the following financial criteria:
- Income: Annual income of Dh180,000 (or Dh15,000 monthly).
- Savings: Dh1 million in a fixed deposit for three years.
- Property Investment: Unmortgaged property worth Dh1 million.
- Combination: A mix of savings and property totaling Dh1 million, with Dh500,000 in a fixed deposit and Dh500,000 in property.
Benefits of the New Visa
The introduction of these visas aims to:
- Provide retirees with financial security and flexibility.
- Ensure access to a high standard of living and comprehensive healthcare.
- Support the UAE’s vision to diversify its economy and attract global talent.
These initiatives reflect the UAE’s commitment to creating a welcoming environment for expatriates and long-term residents, ensuring retirees can enjoy a stable and fulfilling post-retirement life in the country.
